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Prohibited Practice, Group members : Sour Cream Onion, Hazrat Jaa-bir…

- - - - a sale transaction that involves two ribawi items exchanged on deferment.
      - eg: sale of 1 kg of gold at $10,000 on a deferred basis
    - - A sale and purchase or exchange between 2 ribawi items of different types with different weights (if sold by weight) or quantity (if sold by quantity).
      - eg: exchange of 5 kg of excellent-quality wheats for 10 kg of poor quality wheats
  - - - any additional benefit required for the granting of loan.
      - eg: interest in house loan
    - - An additional rate or benefit charged by the lender to the borrower because the borrower failed
        to pay on the agreed period
      - eg: Ali(debtor) failed to pay his debt towards Abu(creditor) in certain period of times and Abu increases his debt
- - - - Excessive Gharar (Fahish) - Void ab initio/ Voidable
      - Slight Gharar (Yasir) - Forgiven/ permissible
      - According to Ibn Taymittah, there are 3 types of Gharar
        
        The sale of an unknown object
        
        The sale of something where the seller can never deliver
        
        A sale of non existing contract
      - Gharar relating to subject matter
        
        Uncertainty regarding specification of object.
        
        Uncertainty regarding the time of performance.
        
        Uncertainty regarding the existence of the object.
        
        Uncertainty regarding the attributes of object.
        
        Uncertainty regarding the kind of the object.
        
        Uncertainty regarding delivery of object.
        
        Uncertainty regarding the genus of the object.
        
        Uncertainty regarding the quantity of the object.
    - - “And do not eat up your property among yourselves for vanities, nor use it as bait for the judges” (2.188)
- - - - Islamic economy system subjected to the economic rule of supply and demand.
      - all forms of monopoly and exploitation are eliminated
- - - - Gambling involves three things which are:
        
        Consideration(what the person must pay to enter)
        
        Pure chance (opposite to pure skill. For instance, chess requires pure skill and slot machine require pure chance.)
        
        Prize(something value such as money, physical items, software)
      - according to some scholars, it is permissible to play certain games, such as backgammon, cards, dominoes, as long as there is no gambling involved.